The global rainscreen cladding market size is expected to reach USD 14.0 billion by 2024, according to a new report by Grand View Research, Inc., registering a 7.6% CAGR during the forecast period. Demand for these products has increased significantly owing to promotion by the World Green Building Council and International Energy Agency.
Energy-efficient buildings lower the amount of resources required for heating, ventilating, and air conditioning (HVAC), owing to which, demand for these products has been increasing in emerging economies, especially in Asia Pacific. Easy procurement of raw materials and low set-up cost have played an important role in attracting foreign investments from numerous multinationals, which in turn, leads to development of innovative wall systems by incorporation of high technology materials.
High-pressure laminate panels have a UV-protection layer on the outside to avoid fading over its lifespan. These panels are available in customized sizes and thickness. They have good resistance against impact and vandalism and because of this they can be used in false ceiling applications. These panels are fire- and chemical-resistant and are available in a variety of colors, adding to its aesthetic appearance.
There is a growing demand for malls and supermarkets in emerging economies such as BRICS nations as consumer preferences have shifted to single outlet destinations. Enormous footfall in malls and spending and purchases are observed in these regions. Mall developers are expected to target emerging economies for further development as urban cities are close to saturation. These factors are expected to increase demand for rainscreen cladding.
The European economy is on the path to recovery from the recent global downturn. Central and Eastern European countries are anticipated to witness highest gains in the construction sector. Numerous factors such as low interest rates and significant improvement in disposable income, coupled with the European Commission’s Investment Plans, are anticipated to contribute to the steady growth of the construction sector.
Further key findings from the report suggest:
- The global rainscreen cladding demand was 245,476.3 thousand square meters in term of area coverage in 2016 and is expected to expand at a CAGR of 6.5% from 2017 to 2024
- Multiple federal policies and regulations in favor of energy-efficient residential buildings and commercial spaces is estimated to significantly increase product demand in the foreseeable future
- These materials are produced from basic raw materials such as HPL and fiber cement, which are used to create air and water barriers. However, failure of these seals under extreme weather conditions poses several risks, especially in areas with high precipitation levels
- Rainscreen cladding systems are easy to process and install, with minimal deterioration problems. These systems also rejuvenate external appearance of dilapidated structures at low costs
Key players such as Kingspan Insulation PLC, Dow Building Solutions, and Lakesmere International Ltd. are involved in production and distribution across the globe.
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https://www.grandviewresearch.com/industry-analysis/rainscreen-cladding-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
